David Garofalo has a graph that should appall any precious metals aficionado.

It shows how nine major gold producers’ share prices have fared over the past decade. Only one of those stocks – that of Agnico Eagle Mines Ltd. – actually achieved a lasting gain during the 10-year period.

All the other big global gold miners in the graph saw their share prices decline between 2005 and 2015. The sweeping, near-universal losses for investors in the sector – despite a gold price that shot upward over the time span – offer evidence of a massive case of value destruction.